Northern Trust Corp Has $31.83 Million Position in Patterson-UTI Energy, Inc. (PTEN)

Northern Trust Corp increased its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 4.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,576,320 shares of the oil and gas company’s stock after buying an additional 71,331 shares during the quarter. Northern Trust Corp owned about 0.96% of Patterson-UTI Energy worth $31,826,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in Patterson-UTI Energy by 60.9% during the second quarter. Principal Financial Group Inc. now owns 3,184,202 shares of the oil and gas company’s stock worth $64,290,000 after acquiring an additional 1,205,084 shares during the last quarter. State Street Corp increased its stake in Patterson-UTI Energy by 10.1% during the first quarter. State Street Corp now owns 4,560,587 shares of the oil and gas company’s stock worth $110,685,000 after acquiring an additional 418,702 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Patterson-UTI Energy by 59.9% during the second quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock worth $66,229,000 after acquiring an additional 1,228,607 shares during the last quarter. Federated Investors Inc. PA increased its stake in Patterson-UTI Energy by 9.9% during the second quarter. Federated Investors Inc. PA now owns 137,661 shares of the oil and gas company’s stock worth $2,779,000 after acquiring an additional 12,454 shares during the last quarter. Finally, Scout Investments Inc. increased its stake in Patterson-UTI Energy by 101.7% during the second quarter. Scout Investments Inc. now owns 1,049,136 shares of the oil and gas company’s stock worth $21,182,000 after acquiring an additional 529,023 shares during the last quarter. Hedge funds and other institutional investors own 98.67% of the company’s stock.

Shares of Patterson-UTI Energy, Inc. (PTEN) opened at 20.23 on Wednesday. The firm’s market capitalization is $4.28 billion. The company has a 50-day moving average price of $19.02 and a 200 day moving average price of $20.22. Patterson-UTI Energy, Inc. has a one year low of $14.83 and a one year high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The company had revenue of $579.00 million for the quarter, compared to the consensus estimate of $556.47 million. During the same quarter in the previous year, the firm posted ($0.58) EPS. The business’s revenue was up 198.5% compared to the same quarter last year. Analysts expect that Patterson-UTI Energy, Inc. will post ($0.90) earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th were issued a dividend of $0.02 per share. The ex-dividend date was Wednesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.40%. Patterson-UTI Energy’s payout ratio is -4.06%.

PTEN has been the subject of several recent analyst reports. Seaport Global Securities cut Patterson-UTI Energy from a “buy” rating to a “neutral” rating and cut their target price for the stock from $29.00 to $21.00 in a research note on Wednesday, June 21st. Royal Bank Of Canada set a $35.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Saturday, June 24th. Cowen and Company reaffirmed a “hold” rating and issued a $24.00 price objective on shares of Patterson-UTI Energy in a research note on Tuesday, July 11th. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $20.50 price objective (down from $22.00) on shares of Patterson-UTI Energy in a research note on Wednesday, July 12th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $23.00 price objective on shares of Patterson-UTI Energy in a research note on Thursday, July 13th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $26.82.

ILLEGAL ACTIVITY NOTICE: This report was originally published by The Ledger Gazette and is the sole property of of The Ledger Gazette.

Other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in Patterson-UTI Energy by 60.9% during the second quarter. Principal Financial Group Inc. now owns 3,184,202 shares of the oil and gas company’s stock worth $64,290,000 after acquiring an additional 1,205,084 shares during the last quarter. State Street Corp increased its stake in Patterson-UTI Energy by 10.1% during the first quarter. State Street Corp now owns 4,560,587 shares of the oil and gas company’s stock worth $110,685,000 after acquiring an additional 418,702 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Patterson-UTI Energy by 59.9% during the second quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock worth $66,229,000 after acquiring an additional 1,228,607 shares during the last quarter. Federated Investors Inc. PA increased its stake in Patterson-UTI Energy by 9.9% during the second quarter. Federated Investors Inc. PA now owns 137,661 shares of the oil and gas company’s stock worth $2,779,000 after acquiring an additional 12,454 shares during the last quarter. Finally, Scout Investments Inc. increased its stake in Patterson-UTI Energy by 101.7% during the second quarter. Scout Investments Inc. now owns 1,049,136 shares of the oil and gas company’s stock worth $21,182,000 after acquiring an additional 529,023 shares during the last quarter. Hedge funds and other institutional investors own 98.67% of the company’s stock.

Shares of Patterson-UTI Energy, Inc. (PTEN) opened at 20.23 on Wednesday. The firm’s market capitalization is $4.28 billion. The company has a 50-day moving average price of $19.02 and a 200 day moving average price of $20.22. Patterson-UTI Energy, Inc. has a one year low of $14.83 and a one year high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The company had revenue of $579.00 million for the quarter, compared to the consensus estimate of $556.47 million. During the same quarter in the previous year, the firm posted ($0.58) EPS. The business’s revenue was up 198.5% compared to the same quarter last year. Analysts expect that Patterson-UTI Energy, Inc. will post ($0.90) earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th were issued a dividend of $0.02 per share. The ex-dividend date was Wednesday, September 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.40%. Patterson-UTI Energy’s payout ratio is -4.06%.

PTEN has been the subject of several recent analyst reports. Seaport Global Securities cut Patterson-UTI Energy from a “buy” rating to a “neutral” rating and cut their target price for the stock from $29.00 to $21.00 in a research note on Wednesday, June 21st. Royal Bank Of Canada set a $35.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Saturday, June 24th. Cowen and Company reaffirmed a “hold” rating and issued a $24.00 price objective on shares of Patterson-UTI Energy in a research note on Tuesday, July 11th. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $20.50 price objective (down from $22.00) on shares of Patterson-UTI Energy in a research note on Wednesday, July 12th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $23.00 price objective on shares of Patterson-UTI Energy in a research note on Thursday, July 13th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $26.82.

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Patterson-UTI Energy Profile

Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.

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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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